Press

Despite Hogan’s Attempts to Undermine, Brian Frosh Still Fighting to Protect Marylanders from Trump Administration

Jul 18, 2018

Annapolis, MD—Attorney General Brian Frosh joined Connecticut, New York, and New Jersey to file a lawsuit against the Trump administration to protect Maryland and its taxpayers from the GOP tax scam, which drastically reduces the State and Local Tax (SALT) deduction.  This year, Hogan refused to fund the team within the Office of the Attorney General that is fighting to hold the Trump administration accountable and fight for Marylanders in court.  Democrats passed legislation to protect Frosh’s authority to defend Marylanders against the Trump administration in court from Hogan’s interference.

As a result of the GOP tax scam, half a million Maryland families will see their taxes go up by nearly $12,000 per year.  The billionaire tax cut will also have secondary effects on Maryland’s economy, leading to decreased property values and reduced education funding.

“Maryland taxpayers are fortunate to have Attorney General Frosh fighting back against Republicans’ attempts to use Maryland as a piggy bank,” said Maryland Democratic Party Chair Kathleen Matthews. “Instead of standing up for Marylanders against this tax bill, Larry Hogan has fought tooth-and-nail to stop Attorney General Frosh from defending Maryland taxpayers.”

Despite Republicans’ promises that the tax bill would create jobs, companies are using their tax cuts to reward their wealthy investors with nearly $500 billion in stock buybacks since January of this year:

Corporation

Share Buyback Amount Announced in 2018 (Billions)

Date

Apple

$100

1-May

Cisco            

$25

14-Feb

Wells Fargo*

$22.6

23-Jan

UnitedHealth Group*

$17.6

6-Jun

PepsiCo

$15

13-Feb

Broadcom

$12

12-Apr

Oracle

$12

1-Feb

Micron

$10

21-May

AbbVie       

$10

15-Feb

Amgen

$10

1-Feb

Facebook

$9

25-Apr

Qualcomm

$8.8

9-May

Alphabet (Google)

$8.6

1-Feb

Adobe

$8

21-May

Booking

$8

25-Apr

Visa             

$7.5

1-Feb

Applied Materials

$6

14-Feb

Mondelēz International

$6

31-Jan

eBay           

$6

1-Feb

Starbucks*

$6

26-Apr

Marathon Petroleum

$5

30-Apr

Celgene

$5

14-Feb

Lowe’s

$5

26-Jan

McKesson

$4

24-May

NetApp, Inc.

$4

5-Apr

CSX               

$3.5

12-Feb

Phillips 66

$3.3

14-Feb

Devon Energy

$3

6-Jun

Celgene

$3

24-May

TJX

$3

28-Feb

Constellation Brands

$3

5-Jan

Waters Corporation

$3

24-Apr

Fifth Third Bancorp*

$2.8

27-Feb

Franklin Resources*

$2.7

12-Apr

Textron*

$2.56

18-Apr

Newell Brands

$2.5

11-Jun

Valero

$2.5

23-Jan

Electronic Arts

$2.4

8-May

Announced Buybacks $2 Billion or Less

$106.9

 

 

TOTAL Corporate Buybacks Authorized in 2018

 

$477 Billion